NZDUSD approaching resistance, potential drop!
NZDUSD is approaching our first resistance at 0.6778 (horizontal pullback resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 0.6670 (horizontal swing low support, 100% Fibonacci extension). Ichimoku cloud is also showing sign of bearish pressure in line with our bearish bias.
RSI (55) is seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
RSI (55) is seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results